A Beginners Dehlima

[Sean W.]

**If I moderator could edit the title of this post to the correct spelling, it would surely be appreciated! I can spell dilemma however I hit a key and created my post while I was typing. :)

Young and eager learner here. I have read all of the books published by BP and then some. Here in Tampa, I have two complicated situations at my feet and I am curious if they can work to my advantage or if I should start elsewhere. 

Situation one: My current house is a single-family, 4/2 owned outright by family from which I will purchase way below market value.

Situation two: Another family owned house, same area, same blueprint, which is in need of renovation, could be potentially secured by me at a very low price, under market value. 

I seek advice on which leverage I should aim for in making money and making the money work for me. I am also constantly browsing the marketplace for duplexes and multi-family which are in the C and D neighborhoods of the area. My primary questions are, should I use my current house as leverage for a multifamily in terms of a HELOC? Should I tap the equity of my current home, once I have it secured and invest into the other single family property? Should I disregard the additional single family and solely focus on the multi-family side of things starting out?

I have modest savings, average credit and no savvy connections that I can currently utilize to structure financing, so I will be reliant on conventional or private lending as far as I know.

Any advice would be amazing, as starting seems to be the most difficult task so far.